A growing series of Chinese company disclosures is documenting additional taxes and late fees arising from reviews of earlier tax periods, in some cases reducing current-year earnings by hundreds of millions of dollars.
A review published by Beijing-based Chinese financial news outlet Caixin found that 69 listed companies had announced more than 4.9 billion yuan (about $726.2 million) in tax payments, late fees, or penalties as of June 3, compared with fewer than 10 during the same period in each of the previous two years.
The disclosures have continued. Since early June, 22 Shenzhen-listed companies and 20 Shanghai-listed companies disclosed additional tax payments, late fees, or related charges….
China’s Tax Scrutiny Reaches Back Years, Adding to Business Strain
